Capstone Assignment

518 Words3 Pages
Capstone Assignment
1. Discuss what capitalism is and how free markets work.

Capitalism is an economic system based on freedom and competition.
Free Markets are markets where individuals and companies are largely free to decide where, what, why and who they sell their products to. The U.S. is said to be a mixed economy.

2. Explain the importance of importing and exporting, and understand key terms in global business.

Imports are goods that countries buy from other countries. Exports are goods that a country sells to another country. It is vital that a country export more than in imports in order to keep a healthy economy.

3. Identify management’s role in setting ethical standards.

Ethics are the principles and standards of moral behavior that are
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Characteristics of the four main functions of management
Strategic planning-outline the firm’s long-range organizational goals and set a course of action the firm will pursue to reach its goals.
Mission Statement-is a brief expression of why the company exists.
Vision Statement- is a brief expression of what the company Aspires to be.
Values Statement- identifies the principles that guide the company’s decisions and behaviors and establish expectations for everyone in the organization.

7. Compare the three main levels of planning
Top Managers-are upper level managers who have the most power and who take overall responsibility for an organization.
Middle level managers-have similar responsibilities but on a smaller scale, such as for an individual responsibility
First line managers- oversee the work of non-managerial employees.

8. Recognize the four main functions of marketing
Market penetration-involves selling more of your existing products into the markets you already serve.
Product development- is creating a new product for those current markets, and market development
Market development-is selling your existing products to new markets.
Diversification-involves creating new products for new
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